Franklyn A Plus Pass
TEST BANK for Business, 12th Edition by William M.
Pride, Robert J. Hughes
All Chapters Fully Covered| Expert Verified Questions & 100%
Accurate Answers for Exam Preparations| A+ PASS RATED
Fr
an
kl
yn
e
A
pl
us
Pa
Page | 1
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, Franklyn A Plus Pass
Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8 OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 6 OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
Fr
ANS:
Answer not provided.
an
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
kl
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
yn
Application
e
4. What is profit, and why is it important to a business?
A
ANS:
pl
Answer not provided.
us
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
Pa
Page | 2
ss
, Franklyn A Plus Pass
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Application
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Application
Fr
7. Explain how the basic economic questions are answered in capitalistic and command economies.
an
ANS:
Answer not provided.
kl
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
yn
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Evaluation
e
A
8. Why do we say that the U.S. economy is a mixed economy?
pl
ANS:
us
Answer not provided.
Pa
Page | 3
ss
, Franklyn A Plus Pass
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis
10. Why is productivity important? How can a nation‟s productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17 OBJ: LO: 1-4 NAT: BUSPROG:
Communication
TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
Fr
11. What is real gross domestic product, and how does it differ from gross domestic product?
an
ANS:
kl
Answer not provided.
yn
PTS: 1 DIF: Difficulty: Challenging REF: p. 18 OBJ: LO: 1-4 NAT: BUSPROG:
Communication
e
TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
A
pl
us
Pa
Page | 4
ss
TEST BANK for Business, 12th Edition by William M.
Pride, Robert J. Hughes
All Chapters Fully Covered| Expert Verified Questions & 100%
Accurate Answers for Exam Preparations| A+ PASS RATED
Fr
an
kl
yn
e
A
pl
us
Pa
Page | 1
ss
, Franklyn A Plus Pass
Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8 OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 6 OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
Fr
ANS:
Answer not provided.
an
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
kl
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
yn
Application
e
4. What is profit, and why is it important to a business?
A
ANS:
pl
Answer not provided.
us
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
Pa
Page | 2
ss
, Franklyn A Plus Pass
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Application
5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Application
Fr
7. Explain how the basic economic questions are answered in capitalistic and command economies.
an
ANS:
Answer not provided.
kl
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
yn
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Evaluation
e
A
8. Why do we say that the U.S. economy is a mixed economy?
pl
ANS:
us
Answer not provided.
Pa
Page | 3
ss
, Franklyn A Plus Pass
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis
10. Why is productivity important? How can a nation‟s productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17 OBJ: LO: 1-4 NAT: BUSPROG:
Communication
TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
Fr
11. What is real gross domestic product, and how does it differ from gross domestic product?
an
ANS:
kl
Answer not provided.
yn
PTS: 1 DIF: Difficulty: Challenging REF: p. 18 OBJ: LO: 1-4 NAT: BUSPROG:
Communication
e
TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
A
pl
us
Pa
Page | 4
ss
